Castrate-resistant Prostate Cancer Market Growth & Trends
The global castrate-resistant prostate cancer market size is expected to reach USD 16.2 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.4% from 2020 to 2027. This growth is driven by the rising global burden of castrate-resistant prostate cancer and unhealthy lifestyle.
In addition, the anticipated launch of new products and rising awareness of prostate cancer are likely to enhance the growth rate of the market over the forecast period. Moreover, the growing adoption of novel drugs and strong pipeline are factors likely to accelerate market growth during the forecast period.
The hormonal therapy segment dominated the market and held the largest revenue share of 83.1% in 2019. The segment is driven by increasing market penetration of Xtandi (enzalutamide) and the launch of Erleada (apalutamide) in the U.S., Europe, and Japan. Furthermore, the development and approval of an additional indication of Xtandi are driving the segment growth. In addition, immunotherapy is estimated to be the fastest-growing segment due to the presence of strong product pipeline drugs, which are projected to be launched during the forecast period.
North America’s dominant share is attributable to high disease burden, technological advancements, proactive government measures, increased consumer awareness about the disease, and improvements in healthcare infrastructure. The presence of key players in this region is a key factor in boosting the growth of the market in the region. In addition, developing countries such as India and China are witnessing a high incidence of the disease that has resulted in an increase in the demand for improved therapeutics, an increase in healthcare expenditure, and a rise in government funding for oncology and other research activities. Thus, these factors are expected to drive the market in the Asia Pacific during the forecast period.
The presence of prominent players such as Sanofi; Johnson and Johnson Services, Inc.; Pfizer, Inc.; Astellas Pharma, Inc.; and Bayer AG in this market space significantly diminishes the opportunities of a new entry as it is difficult to match the high capital requirements. Key players are investing highly in the development of new molecules to maintain their presence in the market and acquire market share.
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Castrate-resistant Prostate Cancer Market Report Highlights
- Prostate cancer is the highest prevalent cancer in men. 1 in 9 men are diagnosed with prostate cancer
- Within 3 years of diagnosis, 10-50% of overall prostate cancer cases develop into metastatic castrate-resistant prostate cancer
- The recommendation of products from healthcare authorities is expected to increase the sales of the drug, thereby fueling the market growth. For instance, Provenge is recommended by the Society for Immunotherapy of Cancer, the National Comprehensive Cancer Network, and the American Urological Association
- Australia and New Zealand have the highest prevalence rate of the disease, followed by North America and Europe
- In Asia Pacific, the market is likely to witness the fastest CAGR of 11.5% from 2020 to 2027
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Castrate-resistant Prostate Cancer Market Segmentation
Grand View Research has segmented the global castrate-resistant prostate cancer market based on therapy and region:
Castrate-resistant Prostate Cancer Therapy Outlook (Revenue, USD Million, 2016 – 2027)
- Hormonal Therapy
Castrate-resistant Prostate Cancer Regional Outlook (Revenue, USD Million, 2016 – 2027)
- South Korea
Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Castrate-resistant Prostate Cancer Market
- Johnson & Johnson Services, Inc.
- Pfizer, Inc.
- Astellas Pharma, Inc.
- Bayer AG
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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